SUMMER INTERNSHIP PROGRAM

PROJECT REPORT ON

TITLE:- S TUDY OF THE RELATIONSHIP BETWEEN BRANDAWARENESS, BRAND ASSOCIATION, PERCEIVED QUALITY, AND BRAND LOYALTY IN EMPRESS CITY

PROJECT GUIDE:Mr. Parag Pawar(Sales Manager)

Submited To:Prof.Geeta Naidue

Submitted By:Miss.Swati Jaiswal

S.B.Jain Institute Of Technology , Management And ResearchBatch-2009-2010

CONTENTS

1. Acknowledgement ………………………………………… (3)

2. Declaration ………………………………………………….. (4)

3. Executive Summary ……………………………………….. (5)

4. Introduction ………………………………………………….

A.1- About Real Estate Industry In India ………………. (9)

A.2- About KSL and Industries ………………….. (15)

A.3- About Empress City …………………………. (25)

5. Board of Directors …………………………………. (27)

6. Main Competitors ………………………………….. (28)

7. Research Methodology …………………………… (44)

8. Analysis ……………………………………………… (46)

9. Conclusion …………………………………………. (48)

10.Limitation and Recomdation …………………….. (49)

11. Bibliography ……………………………………….. (50)

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ACKNOWLEDGEMENT

There are many people who have been of enormously help in the preparation

of our Project on Marketing, we are specially thankful to Mr.Junid Sheikh

Assistant Vice President of Empress City, who have given us this

opportunity to undertake our project.

We are thankful to Mr.Parag Pawar, Sales Manager of Empress City and

his team members for giving their remarkable contribution and special

thanks to our faculty in charge, Prof. Geeta Naidu Mam who has permited

us and encourage us to work and gain practical knowledge in Empress City.

We are specially thankful to Mr. Parag Pawar who not only explained the

topics very well but also thrown a good insight at the practical aspect too.

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DECLARATION

The research work presented in this project has been carried out under the

supervision of Mr.Parag Pawar(Sales Manager) .The subject matter of the

project is my original work and no such work has been done by anyone or

published anywhere or has been submitted to any university or Institute for

the award of any Degree / Diploma.

The Project is the result of my bonafide work and the sources of literature

used and all assistance received during the course of investigation have been

duly acknowledged.

I further declare that the information presented here is

completely based on my observation and true to best of my knowledge.

Place : Nagpur Signature o f

Date: Student

( Swati Jaiswal )

SBJITMR,

Batch- 2009- 2010

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EXECUTIVE SUMMARY

This research investigated direct and indirect relationship between brand equity

constructs which includes brand awareness, brand association, perceived quality, and

brand loyalty in Empress City. The finding showed that there is a significant and positive

direct effect between brand awareness toward brand associations, and brand association

toward perceived quality and brand loyalty. We argue that brand association plays as a

suppressor in our model that leads to inverse relation between brand awareness and

perceived quality. With respects to the mediating effect of perceived quality to the

relationship between brand awareness towards brand loyalty and brand association

towards brand loyalty, our finding showed that perceived quality does not play as a

mediator role in this study. On the other hand, we find that brand association is a very

important variable which mediate the relationship between brand awareness toward brand

loyalty.

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INTRODUCTION

A.1: About Real Estate Industry In India

SIZE

Real Estate and Construction is a US$16-billion (2006) industry in India

There has been a rapid growth in the industry in the past few years

Real estate share in total FDI increased from 10% in 2004-05 to over 25% in

2006-07 (estimated at over US$5 billion)

High-demand growth has led to prices doubling over 3 years in many cities

STRUCTURE

Fragmented sector with relatively few organized players of scale

o Large corporations beginning to show active interest

o Margins are higher in India (>20%) as compared to the developed markets (5-

6%)

Active participation of institutional finance in real estate

o Real estate venture funds permitted: Prominent Indian corporates like Tata

Group, ICICI Bank, SBI and HDFC have promoted real estate venture funds

o Real estate Investment Trusts (REITs) expected to be set up shortly.

o Several Private Equity firms have specific funds for real estate investments.

Real estate fast displacing IT/ITeS as the top private equity investment sector

in India

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Various foreign real estate and finance companies such as GE Commercial

Finance, Tishman Speyer, Ascendas and Farallon Capital, Goldman Sachs,

Lehman Brothers etc. have entered the Indian market

POLICY

100% FDI is allowed in real estate development subject to minimum scale norms

of either:

o 25 acres in case of serviced plots or integrated townships; or

o 50,000 sq. mtrs. of built-up area for construction development projects

Initial investment is locked-in for a 3 year period

Top Players in the Real Estate & Construction industry

Company Sales

Turnover

(2007, US$

million)

Unitech 784

DLF Ltd. 590

HDIL 286

Ansal

Properties190

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OPPORTUNITY

Commercial and office complexes mushrooming in major

Indian metros

 

Over 25 million new housing units required in 7 years

OUTLOOK

o The real estate market is projected to grow to US$60 billion by 2010 at a CAGR

of 40%

o Real estate companies have been successfully tapping the country’s booming

capital markets for funds

o Companies have also raised equity internationally at the AIM in London

o Tier 2 cities (non-metros) likely to experience faster growth in the future

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POTENTIAL

o Several factors are expected to contribute to the rapid growth in real estate

o Large demand-supply gap in affordable housing, with demand being fuelled

by tax incentives and a growing middle class with higher savings

o Increasing demand for commercial and office space especially from the

rapidly growing Retail, IT/ITeS and Hospitality sectors

o The recently announced JNNURM expected to provide further impetus

o Investment opportunities exist in almost every segment of the business

o Housing: about 25 million new units expected to be built in 7 years

o Office space for IT/ITES: 150 million sq. ft. across urban India by 2010

o Commercial space for organised retailing: 220 million sq. ft. by 2010

o Hotels and Hospitality: Over 100,000 new rooms in the next 5 years

o Investment opportunity of over US$75 billion in the next 5 years

o Major foreign institutional investors including Morgan Stanley, Goldman Sachs,

Merrill Lynch, AIG, Blackstone and Calpers have invested or are in the process

of investing in Indian real estate

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A.2: About KSL and Industries

The Company has recently converted the tradable warrants, issued with Equity Shares in

February 1995, into equity shares as envisaged inthe Prospectus. The proceeds of the

issue will be deployed for financingthe expansion plans and in other profitable ventures.

2002 - The company name has been changed from Krishna Texport Industries

Ltd. to KSL & Industries Ltd.

2005-Delist securities from Vadodara Stock Exchange Ltd (VSE) w.e.f

March, 2005.

2007 - The company name changed from KSL & Industries Ltd. to KSL Realtyand

Infrastructure Ltd.

2008 - Once again the company name changed from KSL Realty and

Infrastructure Ltd. to KSL and Industries Ltd.

2010- KSL & Industries Ltd has appointed Shri Utpal Mukhopadhyay as an

Additional Director of the Company.

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Milestone:-

1975- Krishna Mills is established as a partnership firm

1983- Krishna Mills is converted into a Private Limited Company.

1992- Krishna Mills is converted into a Public Limited Company.

1995- The Company goes public with an IPO and is listed on the Bombay Stock

Exchange

2003- Adopted the inorganic route of expansion by acquiring fixed assets of Surat Co-

operative Mills.

2003- Adopted the inorganic route of expansion by acquiring assets of Kalameshwar

Textile Mills, Nagpur.

2004- Diversified into the real estate business by acquiring assets of the historic Empress

Mills (the first venture by Sir Jamshedji Tata in India).

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2005- Underwent expansion and modernisation of its existing textile mills.

Undertook a massive expansion program post quota regime.

2005- Forayed into real estate development through Reward Real Estate Company Ltd.

(100% subsidiary).

2006- Acquired property of Deccan Co-operative Mills in Kolhapur.

2007- Development of real estate properties in process.

BENCHMARKING (INTRODUCTION)

The flagship Company of Saurabh Tayal Enterprise, KSL and Industries Limited

(formerly known as KSL Realty and Infrastructure Limited) is an industrial conglomerate

engaged in two of India’s fastest growing businesses - Textiles & Real Estate.

From an integrated textiles company – spanning the entire range of textile spinning,

knitting, processing and garment manufacturing activities, coupled with exports of

specialty knitted fabrics – KSL and Industries Limited has expanded into a diversified

operation, encompassing the fast-growing realty space development segments. Our 100%

realty subsidiary - Reward Real Estate Company Limited – is today engaged in

developing 15 realty projects, including integrated townships, hotels, IT parks &

commercial complexes, and malls & multiplexes across key cities in Maharashtra, Punjab

and the Union Territory of Dadra & Nagar Haveli.

The real estate story in India is growing bigger by the day. Industry experts believe that

Indian real estate has huge demand potential in almost every sector especially

commercial, residential and retail.

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After establishing a firm foothold in the textile business KSL forayed into the realty

business through a 100% subsidiary Reward Real Estate Co. Limited. The rationale

behind the foray is to maximize shareholder value. This decision was a result of the

Company’s three-decade exposure to India’s textile industry, offering a rare insight into

mills with distressed financials but large real estate assets. The Company leveraged this

insight to invest in such distressed properties with the objective to transform them into

valuable assets.

Today, real estate action is no longer limited to the large metropolises of India but has

now permeated to the burgeoning smaller towns and cities which have emerged as hot

destinations for real estate development.

We acquired a mix of premium and upcoming locations across Mumbai, Punjab, Tier-II

and III urban centers of Nagpur, Kolhapur, Amritsar, Kalameshwar and Silvassa. This is

a suitable mix; while up market locations will provide us with lucrative margins in tested

markets, the Tier-II cities will enable us to earn realizations higher than the prevailing

average in relatively emerging locations

With developments plans in place for 15 projects which are a mix of residential,

commercial, retail, IT park, hospitality and warehousing we are geared to create world-

class properties.

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KSL & Reward Real Estate unveils

Empress City

KSL and Industries Ltd (BSE code 530149), the flagship company of Saurabh Tayal

Enterprises has ventured into realty business and will develop an ambitious integrated

township project christened, "Empress City" which is spread over 25 acres in the heart of

Orange City, Nagpur The "Empress City" project will be implemented by Reward Real

Estate Company Private Ltd. a Wholly owned Subsidiary of KSL and Industries Ltd.

 

To give the city of Nagpur, its first truly international Standard township, Reward Real

Estate has joined hands with Reputed Architect, Hafeez Contractor, Shapoorji and

Pallonji, the renowned Construction group, Site Concepts, Well Known Singapore based

Company for landscaping and Trammel Crow Meghraj for property management

Consultancy globally known.

 

Said Mr. Saurabh Kumar Tayal, chairman - KSL & Industries Ltd., "With a population of

over 40 Lakhs, Nagpur is the ninth largest city in the country. It makes strategic business

source for us to initiate one of our first projects in realty here."

 

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Ms. Meghana Goenka - Senior Executive -Trammel Crow Meghraj (Marketing Agent),

added "Realty boom has moved into Tier II and Tier III cities like Nagpur in a big way.

We value our association with the "Empress City" projects, which has a history, attached

with it. It will redefine Commercial and residential landscape of Nagpur.

 

Mr. Vinayak Puranik, Senior General Manager - Shapoorji Pallonji, further added "This

is our first major partnership with the Tayal Group and there will be many more to come.

The "Empress City" project is of a lot of commercial and emotional value for us. It will

be our endeavor to built the township confirming to global Standards".

 

Mr. Prasad, Senior Associate, Hafeez Contractor, " The project is of significance to us.

With its distinctive design, Empress City will prove to be a landmark for the city of

Nagpur."

 

KSL and Industries acquired the erstwhile Tata textile unit, Empress Mills that is now

developed as an integrated township project. Bookings for the residential portions have

already commenced. The project would be completed by December 2007.

 

The facility comprises of state of the art Information Technology Park, a 400 room five

star hotel, largest and state of the art shopping mall, multiplexes and 600 luxury

residential apartments. In addition there will be facilities like a club house, swimming

pools, health club, jogging park, playgrounds, indoor games complex, community halls,

temple, maintenance free buildings, emergency post, tele-communication, video phones,

high security and much more.

 

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A.3:About Empress City

Nagpur! The Best Opportunity to grow your investment in Real Estate industry.

Empress City – Nagpur

Contemporary external façade design in a combination of glass and aluminium

composite panels

Typical floor plate of approx. 150,000 sq. Ft.

High speed passenger elevators and service elevators

Flat slab design leading to greater visibility and openness

Infrastructure provision for utilities, service enabling systematic approach to

interiors and service areas

Provision of DG Sets

State-of-the-art fire detection and fire fighting systems

CCTV and advanced security measures

Well-designed , spacious internal and lift lobbies

Clear height of 4.5 M (slab to slab)

Minimum 5 M passage size in width ranging upto 9 M on food court.

General Highlights

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Planned development, contemporary design, consisting of six zones viz, Shopping

Mall, 5-Star Hotel, IT Park, Luxury apartments, Commercial centre and Natural

zone

Magnificently landscaped gardens with water features

Ample car parking space

Professionally managed by KSL Uninterrupted and stable power supply

Round-the-clock physical security

Electronic surveillance systems at strategic locations

Three sided open plot; ideally located with no construction zone on three sides

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The whole project of Empress City is divided into 5 stages as under:

1. Corporate Tower

2. Empress shopping mall

3. Residential Tower

4. Hotel Taj

5. Empress Trinity

EMPRESS CORPORATE TOWER

KSL and Industries Ltd., a flagship company of Krishna Group, one of the fastest

growing conglomerates in the country presents an exclusive Corporate Park with plush

offices for corporate and entrepreneurs , aptly christened- “EMPRESS CORPORATE

TOWER”.

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EMPRESS CORPORATE TOWER is in located in the heart of Nagpur, the largest city

in Central India and the second capital of Maharashtra. Nagpur is known as “Orange

City” of India and now with EMPRESS CORPORATE TOWER, it will also be known as

the largest business city in India.

Nagpur is an ideal location for Large corporate, Multi-nationals, Banks, Insurance Cos,

FMCG & White goods manufacturers to setup their Central India office which also has

easy access to other nearby cities like Hyderabad, Indore, Raipur, Bhopal, Jabalpur etc.

The advantage of good infrastructure, connectivity by road, rail and air, good schools and

hospitals and the availability of educated manpower due the very high number of

professional institutions based in the city make it an ideal match for progressive

organizations.

The entire township is called EMPRESS CITY which also includes residential flats, 2

lakh sq ft of garden and club house, mall & multiplex (Mc Donald’s, Lifestyle, Reliance,

Cinepolis, Globus, pantaloon and big bazaar are some of the prominent tenants) , the first

real 5 star hotel of Nagpur by the Taj group is also part of the same project.

EMPRESS CORPORATE TOWER Advantages:-

Just 5 minutes from Nagpur railway station

It is the centre of Nagpur, and from any corner of corporation limit, travel time is

not more than 10 minutes

Connects to 5 national highways and 3 state highways

15 minutes from Nagpur International Airport

Ample parking of over 400 vehicles, something which is the biggest problem in

Nagpur

High Speed lifts and service lifts for higher efficiency

Exclusive Food court and toilet blocks to get better efficiency in your workplace

100% power back up available, so there is no loss of work time

Offices available from 2000 sq ft to 70000 sq ft area

EMPRESS CORPORATE TOWER Infrastructure :-

Ground + 9 storied with ultra-modern building with floor plates of 70000 sq ft

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Clear height of 17.06 sq.ft. from ground to 2nd floor & 13.78 sq.ft for 3rd to 9th

floor (slab to slab)

Contemporary external façade design in combination of glass and aluminum

composite panels along with Designer entrance lobbies and lift lobbies

Spacious parking (basement & ground level)

Impressive landscaping and greenery

Earthquake – resistant design

High security gadgets like CCTV, Fire alarm and Fire fighting system available

Perimeter protection

Recreation facilities and Leisure programmers’ for staff

Adjacent to shopping mall, multiplex and hotel

The project has been conceived and Designed by master architect Hafeez

Contractor and Constructed by Shapoorji Palonjji & Co.Ltd. All the equipment has

been sourced from market leader to provide a world class facility which will remain

young even in years to come.

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Empress Mall – Nagpur

The whole construction of Empress Mall has been done in 10 lacs. Sq.ft

Basement +Ground +4 storied with ultra-modern building with floor plates of

1080000sq ft.

Ground Floor –Jewelers , watches &Main Anchor.

1st Floor - Men’sapperials

2nd Floor –Ladies apparels

3rd Floor – Refreshment zoon , Cenipolies (Maxicum company)

4th – Banquet hall, Bud jet hotel

Spacious parking (basement & ground level)

High security gadgets like CCTV, Fire alarm and Fire fighting system available

Perimeter protection

Prominent Alliances

For Shopping Mall / Multiplex already signed up:

Pantaloons Retail Zodiac

Big Bazaar Levi’s Strauss

Adlabs Film Ltd Benet ton

McDonald's Fab India

Lifestyle Spykar Jeans

Madura John Players

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Galaxy Entertainment Bossini

Wills Lifestyle Kappa

Residential Tower

The whole construction of Empress Mall has been done in 7 lac. Sq.ft

Residential area is divided into 2 parts

Royale

Dreamz

Royale –The flats in royale have 2 side:-

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Front sides facing the Land scape view.

Rare side facing the Raman science view.

2 BHK- 1600 sqft.

3 BHK – 1975 sqft.

4 BHK – 2435 sqft.

Dreamz – The flats in dreamz have 2 side:-

Front sides facing the Land scape view.

Rare side facing the Raman science view.

2 BHK- 1020 sqft.

3 BHK – 1320 sqft.

Amenities’:-

Power Back – up

Covered parking

Dedicated guest Parking

Club House

3 Swimming Pools

Temple

Aromatic garden

Tennis Court

Amp Theater

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Hotel Taj

The construction area of Hotel Taj is 6 lac.sqft.

20 stories building

300 rooms

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Empress Trinity

Basement + Ground +12 floors

Basement – parking

G + 12 – Retail shop , Convenient shop

3 rd floor- weeding suit/ refreshment zoon

4 to 12 – service apartment

On chargeable rates:-

On Out rate-

Ground floor- Rs.12500 per sq ft.

1st floor – Rs.10500 per sq ft.

2nd floor – Rs.8500 per sq ft.

4 to 9th floor- Rs. 6500 per sq ft.

On lease-

Ground floor- Rs. 125 per sq ft

1st floor – Rs. 105 per sq ft

2nd floor – Rs.85 per sq ft.

4 to 9th – Rs.65 per sq ft.

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BORED OF DIRECTORS

MANAGEMENT TEAM:-

Saurabh Tayal – Chairman

Mr.Saurabh Kumar Tayal, is the Chairman of the Company. With a Bachelor’s degreein

Commerce and a Master of business Administration, he has five year of administrative

and technical experience in setting up and running textile units, taking over and reviving

sick units through inorganic growth. He also expertise in procurement and development

of real estate projects.

Gopal Aggarwal – Managing Director

Mr. Gopal Aggarwal, aged 35, is the Company's Managing Director. With a Bachelor's

degree in commerce he has seven years of experience in the textile industry with

expertise in manufacturing operations. Mr. Aggarwal manages all operations within the

Company, including Human Resource Development and ensuring quality control

measures at every stage of production.

Samir Antani – Director

Mr. Samir Antani, aged 30, is an independent director. With a Bachelor's degree in

Electrical Engineering he has over five years of experience in forming new textile units.

Romil Aggarwal – Director

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Mr. Romil Aggarwal, aged 33, is an independent director. With a Bachelor's degree in

Mechanical Engineering he has over seven years of experience in handling textile

projects and in administration.

S N Dubey – Director

Mr. S.N. Dubey, aged 36, is an independent director. With a Bachelor’s degree in arts he

has over seven years of experience, specializing in the erection and servicing of the

specialized yarn process. He also has the expertise of setting up an entire textile plant &

machinery system, right from spinning to garmenting.

Harinder Kumar – Director

Mr. Harinder Kumar, aged 34, is an independent director. With a Bachelor's degree in

commerce he has over five years of experience in excise and income tax accounting. He

brings to the Company in-depth knowledge pertaining to various government policies and

taxation matters.

Mahendra Patel – Director

Mr. Mahendra Patel, aged 52, is an independent director. With a degree in textile

technology he has over 25 years of experience in double yarn spinning processes. He also

contributes on issues pertaining to modernisation of the plant & machinery of the

Company.

Rajshekhar S. Ganiger – Director

Mr. Rajshekar Ganiger, aged 40, is an independent director. With a Bachelor’s degree in

science as well as a diploma in textile technology he has over 10 years of experience in

the textile industry.

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MAIN COMPETITORS

Empress City is situated in the heart of orange city. It is the only project which is just 5

minutes from Nagpur railway station. It is the centre of Nagpur, and from any corner of

corporation limit, travel time is not more than 10 minutes. Connects to 5 national

highways and 3 state highways15 minutes from Nagpur International Airport.

Because of these advantages it is the unique project in the Nagpur City.

The main competitors of Empress City are:

Poonam Chambers

Eternity Mall

Emperial Mall

Land Mark

Sahara City

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RESEARCH METHODOLOGY

PRIMARY DATA SOURCES

Observation method, and

SECONDARY SOURCE

Internet

Newspaper

Others

OBJECTIVES

To study the level of customer satisfaction.

To study the different factors of satisfaction & dissatisfaction of the recent mall in

the city.

To study the service provided by the Empress Mall to the customer.

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To study the loyalty of the customers towards the Empress Mall.

To study the relationship between brand awareness, brand association, perceived

quality, and brand loyalty.

RELATIONSHIP BETWEEN BRANDAWARENESS, BRAND ASSOCIATION, PERCEIVED QUALITY, AND BRAND LOYALTY IN EMPRESS CITY.

INTRODUCTION

The issue of brand equity emerge as one of the most crucial topics for marketing

management in 1990s and its concept and measurement has interested academicians and

practitioners for more than one decade. There have been three different perspectives for

considering brand equity; The customer- based perspectives, the financial perspectives

and combined perspectives. While this study focus on customer based brand equity.

In recent years, customer-based brand equity has garnered considerable

attention. Operationalization of customer based-brand equity usually fall into two groups:

consumer perception and consumer behaviour, e.g. Mahajan, Rao, and Srivastava (1991)

claimed that a customer-based brand equity could be measured by the level of consumer

perception. While Farquhar (1990) claimed that brand equity is reflected by the change

of consumer attitude while purchasing a product. Later researchers, beside using two

approach: consumer perception and consumer behaviour, some combined the two

approach and some were related brand equity to other variable as antecedents and

consequences of brand equity, e.g. Keller (1993, 2001) mentioned about brand

knowledge as combination between brand awareness and brand image, Lassar et al.

(1995) evaluate only perceptual dimensions, Blackston (1995) study about the concept of

brand meaning which include objective brand (personality characteristic, brand image)

and subjective brand (brand attitude), Dyson et al (1996) using brand loyalty and brand

attitude, Motameni and Shakroki (1998) proposed concept of global brand equity using

brand strength and Prasad and Dev (2000) using brand performance and brand awareness

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to develop brand equity index. While Aaker’s (1991, 1996) incorporated the

measurement, suggested measure four dimensions of brand equity: brand awareness,

brand association perceived quality, and brand loyalty.

Considering its comprehensiveness, this study based on the concept of brand

equity by Aaker (1991, 1996) who established the four dimensions model of consumer

based brand equity which the dimensionality has been tested by some researchers: (Cobb

Walgren et al, 1995; Yoo & Donthu, 2001; Washburn and Plank, 2002; Pappu et al, 1998,

2005; Atilgan, 2005; and Kim and Kim, 2005).

Consistent with Aakers conceptualization, Cobb-Walgren et al. (1995) and Pappu

et al (2005) found four dimensions of brand equity, while contrasted with findings of Yoo

and Donthu (2001,2002) and Washburn and Plank (2002) that also based on Aaker’s

conceptualization, but observed only three brand equity dimensions.

While previous studies tested and found associative relationship among the

dimensions of brand equity, beside testing the dimensionality, this present research tested

the direct and indirect causal relationship among comprehensive dimensions of brand

equity which included brand awareness, brand association, perceived quality and brand

loyalty. By doing so, we also could find which dimensions has influenced brand loyalty.

In addition, although numerous local or global different product categories have been

employed to measure the brand equity, literature on brand equity within the hospitality

industry still relatively limited (e.g. Kim and Kim (2005) using luxury hotel and chain

restaurant; Atilgan (2005) using beverage industry; even Pappu et al. (2005) using car

brands and television brands

This research would provide manager and researcher a conceptual framework to describe

the relationships between the brand equity constructs and a more thorough understanding

of consumer behaviour that implies for marketing strategist for making better strategic

decision about target market definition and product as well as better tactical decisions

about specific marketing-mix actions.

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LITERATURE REVIEW

Brand Equity

The issue of brand equity has emerged as one of the most crucial topics for marketing

management since 1990s( Leuthesser,1988; Keller,1993; Cobb-Walgren, Ruble, &

Dontu, 1995: Lassar, Mittal & Sharma, 1995; Aaker, 1996; Dyson, Farr, and Hollis,

1996; Faircloth et al. 2001, Esch et al, 2006; Ramos & Franco et al. 2005.

Brand equity has been considered in many context: the value added to the product (Jones,

1986; Lethesser 1988; Farquhar, 1990; Aaker,1991,1996,1999; Keller, 1993,1998, 1999;

Kapferer, 1997); value of the firm (Aaker, 1991; Kim & Kim, 2005); value of the

customer(Aaker1991; Martensen & Gronholt, 2003); brand preference, purchase

intention (Lattin, 1987; Zeithaml 1988; Hardie et al 1993; Cobb-Wagren 1995); brand

loyalty, brand awareness perceived quality, brand associations (Aaker, 1991;

Keller,1993; Gralpois 1998, Pappu et al, 2005; Atilgan et al, 2005); differential effect of

brand knowledge of consumer response to the marketing of brand (Keller,1993);

incremental utility (Simon & Sullivan, 1993); consequence of marketing efforts (Ramos

& Franco, 2005).

There have been three different perspectives for considering brand equity; The customer-

based perspectives, the financial perspectives and combined perspectives. While this

study focus on the customer based perspectives.

Customer- Based Brand Equity.

The advantage of conceptualizing brand equity from the Customer- based

perspective is that it enables managers to consider specifically how their marketing

programs improves the value of their brands in the minds of consumers.

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Within the marketing literature, operationalization of customer based-brand

equity usually fall into two groups (Cobb-Walgren et al. (1995); Yoo & Donthu (2001)):

consumer perception (brand awareness, brand associations, perceived quality ) and

consumer behaviour (brand loyalty, willingness to pay a high price).

Mahajan, Rao, and Srivastava (1991) claimed that customer-based brand equity

could be measured by the level of customer’s perception. Also operationalized by Lassar

et al. (1995) as an enhancement of the perceived utility and desirability that a brand name

confers on a product. According to them, costumer- based brand equity indicates only

perceptual dimensions, not including behavioural or attitudinal such as loyalty or usage

intention, which differs from Aaker’s (1991) who suggested to measure brand equity

including behavioural and attitudinal dimensions. Farquhar (1990) maintained that brand

equity is reflected by the change of consumer attitude while purchasing a product. Aaker

(1991) incorporated definitions, the four dimensions of brand equity namely brand

awareness, brand association perceived quality, and brand loyalty.

Customer- Based Brand Equity is defined as “a set of Brand assets and liabilities linked

to a brand, its name and symbol that add to or subtract from the value provided by a

product or service to a firm’s consumers (Aaker, 1991)”.

On the other hand, some researcher related the customer based brand equity with

other construct, e.g. Farquhar and Ijiri (1991) proposed a model by judging the

corporation’s marketing efforts on its brand directly. While Lassar et al (1995) focused

on relationship between customer based and financial/ market based brand equity

measurement. Customer-based brand equity in this respect, is the driving force for

incremental financial gains to the firm.

Table 1. Main different concepts:

Main

contributor

Concept

Mahajan Rao

(1991)

Measure customer based brand equity by the level of customer’s

perception

Farquhar -Brand equity is reflected by the change of consumer attitude

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(1990) while purchasing a product.

Aaker ( 1991) Measuring the four dimensions of brand equity: brand awareness,

brand association perceived quality, and brand loyalty.

Keller (1993) Adopted two basic approaches (direct and indirect ) to measure

customer- based brand equity emphasizing two constructs: brand

awareness and brand image. The indirect approach to identify

potential sources of costumer- based brand equities The direct

approach focuses on consumer response to different elements of

firm’s marketing program.

Farquhar &

Ijiri

(1991)

Judging the corporation’s marketing efforts on its brand directly.

Lassar et al,

1995

Relationship between customer based and financial/ market based

brand equity measurement. Customer-based brand equity in this

respect is the driving force for incremental financial gains to the

firm.

Hypothesis

Relationships between Brand Awareness and Brand Associations.

Aaker (1991, 1996) argued that brand equity is a multidimensional construct,

which consists of brand loyalty,

Customer based brand awareness, perceived quality, brand loyalty and brand

awareness and brand associations. Brand equity occurs when the consumer has a high

level of awareness and familiarity with the brand and holds some strong, favourable, and

unique brand association memory.

Fiske and Taylor (1995) contended that brand associations could be recalled in

customer’s mind as emotional impressions. Brand awareness influences consumer

decisions making by affecting the strength of the brand associations in their mind.

(Keller,1993,1997). Pitta and Katsanis (1995) also pointed out that there are several

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dimensions of brand awareness with brand associations. They further indicated that brand

associations of the product can be stored in consumer’s minds after brand awareness of

the product are already in their memory.

Brand awareness and brand associations were found to be correlated (Atilgan et

al 2005; and Pappu et al 2005). Moreover, high levels of brand awareness positively

affect the formation of the product’s brand image (association) (Ramos and

Franco,2005). Esch et al (2006) also found that brand awareness affects brand image

(association). These literature review leads to hypotheses H1

H1: Brand Awareness has a positive direct effect to Brand Associations.

The Relationship between Brand Awareness, Brand Association and Brand Loyalty

Yoo, Donthu and Lee, (2000) researched about brand awareness with brand

associations and brand equity. These researchers indicated that brand awareness with

brand association has a significant positive effect on brand equity.

While brand loyalty can be defined as combination of elements including the

degree of customer satisfaction and the positive of brand associations. Thus it can be seen

that if customers had higher brand associations and brand awareness, brand loyalty would

increase. Similarly in Atilgan’s (2005) study, the more favourable associations consumers

have towards a brand, the more their loyalty and vice versa.

These literature review leads to hypotheses H2, H3

H2: Brand Awareness has a positive direct effect to Brand loyalty

H3 : Brand Association has a positive direct effect to Brand Loyalty

The Relationship between brand awareness, brand association and perceived quality.

As studied by Aaker (1991), Keller (1993) and Pappu et al (2005), consumer who

hold favorable associations towards a brand are also likely to develop favorable

perceptions of quality and vice versa. Brand awareness in their study has been defined as

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consumer’s ability to recall that a brand is a member of product category. Consumers

brand awareness is likely to be high when they have strong associations for the brand and

when they perceived the quality of the brand to be high and vice a versa.

These literature review leads to hypotheses H4 and H5:

H4: Brand Awareness has a positive direct effect to Perceived Quality.

H5: Brand Associations has a positive direct effect to Perceived Quality.

The Relationship between Perceived Quality and Brand Loyalty.

For several studies found that brand loyalty is related perceived quality (Mc

Connel, 1968, Shapiro, 1970 Szybiloo and Jacoby, 1974) as reviewed by Lau and Lee

(1999).

Atilgan et al. (2005) studied the relationship between the dimensions of brand

equity and brand equity itself. They concluded that brand loyalty is the most influence

dimension of brand equity. Even their study did not give enough support to the existence

of a direct causal relationship between the three dimensions brand awareness, brand

association, and perceived quality and brand equity However, observed pair-wise

comparison suggested that there is a correlation between brand loyalty, brand

awareness, and perceived quality. As a result they suggested that concentrating brand

loyalty, should not undervalue the effect of brand awareness and perceived quality to

brand loyalty.

As Pappu et al’s study (2005) is envisaged that consumer’s perception of

quality will be associated with their brand loyalty. The more brand loyal a consumer is,

the more he or she is likely to perceived the brand as offering superior quality and vice a

versa.

These literature review leads to hypotheses H6

H6 : Perceived Quality has a positive direct effect to Brand Loyalty

The Mediating Effect of Perceived Quality

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Brand awareness has been defined as consumer’s ability to recall that a brand is

a member of product category (Aaker, 1991). Consumers brand awareness is likely to be

high when they have strong associations for the brand and when they perceived the

quality of the brand to be high and vice a versa. Similarly, consumers’ perception of

quality of a brand is likely to be high when they have strong association with the brand

and vice versa Pappu et al. (2005). According to Aaker (1991) while brand awareness

builds the familiarity liking sight and is a signal of substance/commitment, perceived

quality acts as a differentiation tools.

These literature review leads to hypotheses H7, H8

H7: Perceive Quality is mediating the relationship between Brand Awareness and

Brand Equity.

H8: Perceived Quality is mediating the relationship between Brand Association and

Brand loyalty.

The Mediating Effect of Brand Association.

Brand awareness influences consumer decisions making by affecting the

strength of the brand associations in their mind.(Keller,1993,1997). Pitta and Katsanis

(1995) also indicated that brand associations of the product can be stored in consumer’s

minds after brand awareness of the product are already in their memory. Later Atilgan et

al; and Pappu et al (2005) found that brand awareness and brand associations were

correlated. These literature review leads to hypotheses H9

H9: Brand Association is mediating the relationship between Brand Awareness and

Brand Loyalty.

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Research Map

To illustrate the relationship between brand equity dimensions and the relationships with

another construct based on literature review, we present a research map shown in Figure

2.

FIGURE 1. Research map

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METHOD.

This research examined the relationship among the four most important

dimensional constructs of brand equity which is includes brand awareness, brand

associations, perceived quality and brand loyalty

Research Framework

Based on literature review and research hypotheses as illustrated in the last chapter, this

study develop the conceptual framework of this research as shown in Figure 3

FIGURE : The Research Framework

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The proposed research framework present the relationship between four construct of

customer based brand equity namely Brand awareness, brand association, perceived

quality and brand loyalty.

Measures

Measures of brand equity consist of the four construct of customer based brand

equity. This study employed a five point Likert scale anchored from 1 (strongly

disagreed) to 5 (strongly agreed) which were adopted from Atilgan (2005) and Kim and

Kim (2005).

Brand awareness:-

Empress City is the project of KSL and Industries, which is situated in the heart of orange

city. This project is distributed in five phase Empress mall, Resident tower, Co-operate

tower, Hotel Taj, Empress Trinity. The five phase of Empress City is designed to assess

their ability to recognize and recall the brand as a member of a certain project category.

Brand awareness means how much the customer knows about the specific brand name.

Lets take the Empress mall in which more focus is given on main anchors like Life style,

Pantaloon’s, Big Bazaar, Mac Donald’s, etc..as these brands are more appraciated by the

customers and it also the sign of status.Thus, Empress City is known for its collection of

various brand name together at one place.

Brand Associations:-

For the association of brand the main attraction of Empress city is its shopping mall as it

is one of the biggest shopping mall in the central India.As in Empress Mall main focus is

on quality of goods, service provide,security etc.Empress Mall provides big brand, it’s a

symbol of status, good quality good is available at affordable price ,service is promt, its

location,the footcourt also contains a lot of brand,the main attraction is Mac Donald,

Lifestyle, Pantaloons, big Bazar which occupies a large space, it is very different from

other malls in Nagpur. All these things mentioned above makes the Empress mall

associates with its customer.

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Perceived Quality:-

Whenever the customer visits any shop he/she first see the quality of the product, service

provide, the staff of the shop, their behavior towards their customer. in Empress Mall

more efforts are made to maintain the quality and relation with customer. In Empress

Mall there are all big brands are situated no local brand is present which is the main

strength of empress mall. Empress Mall has provided with good physical facilities (e.g

building, sign, room décor, illumination) are visually appealing, well trained staff

members, good brands wssssith persised quality, at one place all needs of customer is

fulfild,prompt service is provided. Because of these the customers are pulled to

Empress Mall.

Brand Loyalty:-

Brand loyalty means customers are not moved to another brand they are loyal to their

respective brand. In Empress Mall because of the collection of all big brands together at

one place, the quality ,and the service provide the customer are more loyal o it. The

loyalty of customer is seen by regular visit to mall, intend to visit the mall again, usually

tis mall is first choice, customers satisfaction, recommendation to others, not switching to

another mall.

The Structural Model

The main purpose of this study is to analyze the causal relationships, including the mediating effect between brand awareness, brand associations, perceived quality and brand loyalty. From the structural model we got the result as follows:

. Direct Effect.Path Paramet

er

estimate

Standard

error

T-

value

Standard

solution

Hypothese

s

Result

BAW->BL γ 11 0s.14 0.14 0.97 0.14 Positive Not

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supported

BAW-> PQ γ 21 -0.19 0.08 -2.25 -0.19 Positive Not

supported

BAW->BA γ 31 0.51 0.10 5.25 0.51 Positive Supported

BA->BL β 12 1.02 0.47 2.17 1.02 Positive Supported

PQ-> BL β 13 -0.45 0.39 -1.15 -0.45 Positive Not

supported

BA -> PQ β 23 0.98 0.17 5.73 0.98 Positive Supported

The Direct Relationship

Table 6 shows the path coefficient from brand awareness ( BAW) to brand loyalty (BL)

is positive but not significant: (γ 11 = 0.14, T-value 0.97 p> 0.05) this not support the

hypotheses ( H2) that brand awareness has a positive direct effect to brand loyalty. The

path coefficient from Brand awareness ( BAW) to Perceived Quality (PQ) is significant

even inverse: (γ 21= -0.19, T-value -2.25 p< 0.05) this not support the hypotheses (H4)

that brand awareness has a positive direct effect to perceived quality . We argue that

brand association plays as a suppressor in our model that leads to inverse relation

between brand awareness and perceived quality.

The path coefficient from Brand awareness (BAW) and Brand Association (BA) is

significant(γ 31= 0.51 T- value 5.25 p < 0.05), thus the hypotheses that brand awareness

has a positive direct effect to brand association (H1) is supported. The path coefficient

from Brand Associations ( BA) to Brand Loyalty ( BL) is significant(β 12= 1.02, T-

value 2.17 p< 0.05) thus the hypothesis that Brand association has a positive direct effect

to brand loyalty (H3) is supported. The path coefficient from Perceived Quality (PQ) to

Brand loyalty (BL) is not significant even inverse (β 13= -0.45, T-value -1.15 p>0.05)

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this not supported the hypothesis (H6) that Perceived quality has a positive direct effect

to Brand loyalty. sThe path coefficient from Brand Association (BA) to Perceived

Quality ( PQ) is significant (β 23=0.98, T- value 5.73 p< 0.05) thus the hypothesis that

Brand Associations has a positive direct effect to Perceived Quality (H5) is supported.

TABLE . The Total and Indirect Effect

Endogenous

Brand Associations Perceived Quality Brand LoyaltyEffect T value Effect T value Effect T value

Exogenous

B. Awareness

Direct .51*** 5.25*** -.19 -2.25* .14 0.97

Indirect -- -- .50*** 4.63*** .38*** 2.76**

Total .51*** 5.25*** .31*** 3.65*** .52*** 4.84***

Endogenous

B. Associations

Direct .98*** 5.73*** .58 *** 4.15***

Indirect -- -- -- --

Total .98*** 5.73*** .58 *** 4.15***

Endogenous

P. Quality

Direct -.45 -1.15

Indirect -- --

Total -.45 -1.15T 1.96∣ ∣≧ ，*p 0.05 level ∣ ； T 2.58≧ ，at **p 0.01 level and T 3.29∣ ∣≧ ，at ***p 0.001 level。

Indirect relationships ( Mediating Effect)

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Table shows the existence of mediating effect on the structural model.Fully mediation ( only indirect effect) is found in the relationship between Brand awareness and Brand Loyalty via mediator, Brand Association. Fully mediation is also found in the relationship between Brand awareness and Perceived Quality because there is an inverse direct relationship between Brand awareness and Perceived quality but there is an indirect effect between Brand Awareness and Perceived Quality via Brand Association. We find that perceived quality is not mediate the relationship between Brand Awareness( BAW) toward brand loyalty (BL) and between Brand Associations (BA) toward Brand Loyalty (BL) this not support the hypothesis H7 and H8.

In this case we find that Brand Association( BA) mediate the relationship between Brand Awareness(BAW) and Perceived Quality (PQ) and between Brand awareness (BAW) toward Brand Loyalty, thus the hypothesis H9 is supported .

Note: BAW : Brand awareness, BL: Brand Loyalty, PQ : Perceived Quality, BA : Brand AssociationFigure 3. Result of proposed model in Lisrel

Common method varianceAccording to the technique of Harman’s one factor test, if a single factor emerge from the factor analysis or one factor accounts for more than 50 % of the variance in the variable, common method variance is present (Matilla and Enz, 2002). Our analysis revealed 3 factor structure with no general factor present ( the 1 st factor account for 34 % variance).

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It does provide support for the absence of such general bias in the finding ( Matilla and Enz, 2002).

ANALYSIS

The analysis has been done in two ways 1. SWOT Analysis2. BCG matrix

SWOT Analysis deals with the strengths, weakness, opportunities and threat of the Empress Mall.It helps to collect the proper information about the mall and if the result us negative than it also helps to take proper action over it.

SWOT ANALYSIS

STRENGTHS

1. Big brands (lifestyle,Pantaloons,Big Bazar,Mac Donald’s)

2. Prompt service3. Central India’s biggest shopping

mall 4. Too near to railway station, bus

stop,etc

WEAKNESSSES

1. Saturday market2. Street Hawkers3. Near by locality4. Santra market

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OPORTUNITIES

1. Capture the market2. Attract the customer

THREAT

1. Marketing is not proper2. Competitors3. Late opening

BCG Matrix

STAR

EMPRESS MALL

CASH COW

RESIDENTIAL TOWER

QUESTION MARK

COORPERAT TOWER

PROBLEM CHILD

HOTTLE TAJEMPRESS TEINITY

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CONCLUSION

From this research we could present some contribution and managerial implication, as

well as its limitation and suggestion for future research.

Contribution and Implications

One of the contribution of this research is that the result established that four

dimensions model of consumer based brand equity is the distinct dimension/construct

consistent with the conceptualization of Aaker’s (1991, 1996) that was similar to Cobb-

Walgren et al. (1995) and Pappu set al (2005), while contrasted with findings of Yoo

and Donthu (2001,2002) and Washburn and Plank (2002) that also based on Aaker’s

conceptualization, but observed only three brand equity dimensions. Another contribution

is that this present research enriched the consumer based brand equity measurement by

tested and found that there are direct and indirect causal relationship among dimensions

of brand equity, while previous studies tested and found associative relationship among

dimensions of brand equity.

In this study, we found that brand association is the most important variable

which affect brand loyalty. We also found that brand awareness affect brand loyalty via

brand associations. This has been indicated by Pitta and Katsanis (1995) that brand

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associations of the product can be stored in consumer’s minds after brand awareness of

the product are already in their memory. Thus brand association is mediate the

relationship between brand awareness toward brand loyalty support our hypothesis. We

also found that brand association plays as a suppressor in our model that leads to inverse

relation between brand awareness and perceived quality, and perceived quality toward

brand loyalty that against our hypothesis.

Finding shows that brand association becomes a very important dimension to

affect brand loyalty. It has implication that manager have to maintain or strengthen their

effort upon the Brand association as: to keep their clean-lines, cheerful atmosphere, good

taste and price, and friendly staffs. Even Empress Mall targeting a diverse market ranging

from children to elderly people, manager have to be aware about customer’s

characteristic relevant with their age and individual habit toward the mall. The

descriptive statistic of demographic characteristic and information about individual habit

of the consumer in this research may could be considered, or become an example for the

manager to get information from their customer.

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LIMITATIONS

This research describe the causal relationship between brand equity constructs

without relate them to their antecedents like marketing efforts and with their

consequences like value of the firm, that might be more useful for the marketing

strategies.

There are certain limitations to this mall it is as follows:-

1. Week Marketing of the mall

2. Santra market

3. Phule Market

4. Cotton Market

5. No support of locality

6. Saturday Market

7. Hawkers on roadside

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RECOMMENDATIONS

1. It is essential to increase the marketing strategies.

2. Declare the nearby area of mall as no hawker zone.

3. Proper training must be given to the employees and also the employees must have

good communication skill.

4. Traffic must be control.

BIBLIOGRAPHY

1. Aaker, A, David, 1992. The value of Brand Equity, Journal of Business Strategy.

Vol 13.

2. Aaker, A. David, 1996. Measuring Brand Equity Across Products and Markets,

California Management Review, Spring.

3. Philip Kotler 12th edition Marketing Managem.s

4. www.ksl and industries.com

5. www.google.com

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